Month: February 2021

Islamabad, February 01, 2021: Mr. Lesslie C. Viguerie, Deputy Assistant Secretary of State for Pakistan Affairs called on Federal Minister for Energy, Mr Omar Ayub Khan at the Ministry of Energy this afternoon.

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Islamabad, February 01, 2021: Mr. Lesslie C. Viguerie, Deputy Assistant Secretary of State for Pakistan Affairs called on Federal Minister for Energy, Mr Omar Ayub Khan at the Ministry of Energy this afternoon. Mr. Omar Ayub gave an overview of Pakistan’s Energy Sector and the present Government’s earnest endeavours in reforming the energy sector of the country. The Minister said that the incumbent government had finalized Indicative Generation Capacity Expansion Plan (IGCEP) 2047 which emphasised on increasing the share of indigenous sources while reducing the reliance on imported fuel. He…

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GM To Make Only Electric Vehicles By 2035, Be Carbon Neutral By 2040

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General Motors is joining a move by global automakers to shift away from fossil fuel-powered vehicles, with plans to sell only zero-emission cars and trucks by 2035 and be fully carbon neutral by 2040. The auto giant, which has an even more aggressive timetable than rivals Ford and Volkswagen, makes the shift as the Biden Administration prioritizes dramatic cuts in U.S. carbon emssions–especially from transportation. The commitment to the independent Science Based Targets Initiative (SBTi) is an important component of this effort. SBTi is a coalition between CDP, the United…

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The Expensive Club That Could Stop Global Warming

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Ever heard of the Climate Club? It has extremely expensive dues, but you might find it worthwhile to pay them, because the cost of not joining is even higher. Nations that belong to the club welcome all comers (the carrot) and punish those that don’t join (the stick). The Climate Club has one mission: to save the planet by driving emissions of greenhouse gases to zero. If you haven’t heard of the Climate Club yet, don’t feel bad—it does not, as of now, exist. It’s the hobbyhorse of William Nordhaus,…

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POL- from slow to slower

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Where many sectors may witness recovery in profits in 2QFY21 (Oct-Dec 2020) as the economic activity rebounded and they came out of the COVID-19 restrictions, the oil and gas exploration and production sector will be under duress due to the continuing weak crude oil prices, subdued hydrocarbon exploration and production activity, and also currency appreciation in the quarter. Pakistan Oilfields Limited (PSX: POL) announced its 2QFY21 financial performance yesterday depicting just that. While the company announced an interim cash dividend of Rs20 per share, revenues and earnings slithered. The E&P…

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Issue of Rs53 bn excess profits made by six IPPs: Govt may now form local arbitration court to solve row with IPPs

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ISLAMABAD: The government is currently weighing option to form local arbitration court, based on three local judges of the Supreme Court to resolve the issue of excess profits of Rs53 billion, allegedly minted by 6 important IPPs and the Attorney General of Pakistan (AGP) will update the Federal Cabinet to this effect. ‘And if the Federal Cabinet, that meets tomorrow (Tuesday), gives go-ahead, then the process to constitute the local arbitration court will be expedited,’ a senior official privy to the development told The News. “In addition, Power Division will…

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